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Nirmal Bang Report
Brokerage firm Nirmal Bang has maintained its Buy rating on Suprajit Engineering Ltd. and has raised its valuation multiple to 23 times from 22 times, Sep-28E earnings per share, with a revised target price of Rs 667, implying a potential upside of 36% from the reports current market price of Rs 489, supported by improving execution, margin recovery, and a richer product mix.
The brokerage's positive stance is driven by GCM's post-restructuring turnaround, a robust order pipeline, and continued traction in the ‘Beyond Cables' portfolio.
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Nirmal Bang's medium-term outlook on Suprajit Engineering remains positive, supported by a favorable shift toward international markets, with global revenue contribution targeted at more than 60% and increasing adoption of higher-value, EV-agnostic products.
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The ‘Beyond Cables' portfolio, including digital displays, electronic throttles, and advanced braking systems, is gaining traction and could drive a 25–30% increase in content per vehicle over the next three to five years.
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